BOSTON — Suffolk Construction will oversee the 12-month renovation of 185 Franklin St., a historic high-rise office building in Boston's Financial District. The building has been rebranded 50 Post Office Square. Plans for the project call for renovations to the building's lobby, commercial space and common areas and 110 new underground parking spaces. Suffolk is currently developing the first phase of construction, which includes the addition of 21,000 square feet of street-level retail space. The two-phase project is slated for completion in 2013.
WEST CONSHOHOCKEN, PA. —Five Tower Bridge, one of Philadelphia's premier suburban office towers, has sold for a reported $70 million to MIM-Hayden Real Estate Funds. MIM is a partnership between Conshohocken-based Miller Investment Management and Hayden Real Estate Investments, and David Cos. of Boston. The 222,000-square-foot tower was built by Oliver Pulver Tyrone in 2001 and is located at 300 Barr Harbor Dr. in West Conshohocken. The building is fully occupied. KBS Realty Advisors of Newport Beach, Calif. was the seller.
NEW YORK CITY — The final hurdle has been cleared for the construction of a 74,000-square-foot supermarket and 79,000-square-foot retail center at the Brooklyn Navy Yard. The U.S. Army has agreed to transfer the navy yard's six-acre Admirals Row site to New York City. The city plans to turn the property over to Brooklyn Navy Yard Development Corp. for redevelopment. Plans for the project also include new industrial space and the rehabilitation of long-neglected buildings. The historic timber shed and residential home, will be used for retail or office space. The project will break ground this year.
WATCHUNG, N.J. — G.S. Wilcox & Co. has arranged $6 million in financing for Watchung Commons, a 32,696-square-foot, multi-tenanted retail building in Watchung. The borrower will use the 10-year loan to recoup construction costs for upgrading the property and adding Party City as its largest tenant.
CARROLLTON AND DALLAS — Cobalt Capital Partners, through its Cobalt Industrial REIT III, has acquired a 914,209-square-foot industrial portfolio of eight properties in Carrollton and Dallas. The properties include 581,396 square feet at 1505, 1600, 1601, 1625 and 1640 Wallace Dr. in Carrollton; 209,000 square feet at 2829 Sea Harbor Rd. in Dallas; 62,893 square feet at 1620 Rafe St. in Carrollton; and 60,920 square feet at 1621 W. Crosby St. in Carrollton.
DALLAS — The former 12,934-square-foot Smith & Wollesnky building, located at Dallas North Tollway and Frankford Road in Dallas, has been purchased and will be a new site for Pappasito's Cantina. David Zoller of The Weitzman Group's Dallas office represented the undisclosed seller in the transaction. Sam Beys of Preston Commercial Group represented the buyer.
POTTSBORO — Dallas-based Net Realty Advisors has arranged the sale of the 8,000-square-foot Family Dollar, located at Franklin Street and Highway 120 in Pottsboro. Family Dollar has a 10-year lease with four options to extend. Gavin Kam and Brad Kam of Net Realty Advisors represented the buyer, a West Coast-based all-cash investor, in the transaction.
CARROLLTON — LMI Capital has secured $9.36 million in acquisition financing for the 256-unit Parkside Village Apartments, located at 3022 N. Josey Ln. in Carrollton. Chris Pollard of LMI Capital's Dallas office arranged the loan with a 30-year amortization schedule through an undisclosed life insurance company.
CARROLLTON — Grubb & Ellis has brokered the lease extension of 59,856 square feet of office space, located at 3000 Kellway Dr. in Carrollton. Heather Densmore Shover and Trae Anderson of Grubb & Ellis' Dallas office represented the landlord, 3000 Kellway Drive Holdings LP, in the lease transaction. Securus Technologies was the tenant.
SANTEE, CALIF. – A 14,758-square-foot building that is currently occupied by Walgreens has sold to Santee CL, LLC with Mabie & Mintz as a general partner. The property was sold for $8.7 million from its original developer, Interra-Vision, LLC c/o Interra Development Partners, LLC. The acquisition was included as part of an exchange from the buyer’s sale of the Colima Linda Apartments in San Diego. Santee CL was represented by Cassidy Turley BRE Commercial’s Chris Rink. Interra-Vision represented itself in this transaction.